Lanzhou Ls Heavy Equipment Co.Ltd(603169) : turn around the deficit in 2021 and fully promote the transformation of new energy

On February 19, Lanzhou Ls Heavy Equipment Co.Ltd(603169) (603169. SH) disclosed the annual report of 2021. In 2021, the company achieved an operating revenue of 4.037 billion yuan, a year-on-year increase of 39.17%, and a net profit attributable to shareholders of listed companies of 123 million yuan, turning losses into profits year-on-year. The comprehensive gross profit margin of main business increased by 6.18 percentage points to 16.22%, and the return on net assets was 7.67%, an increase of 24.62 percentage points over the same period of last year.

As “the cradle and backbone of China” Sinopec Oilfield Equipment Corporation(000852) , Lanzhou Ls Heavy Equipment Co.Ltd(603169) has been deeply cultivated in the energy core equipment manufacturing industry of oil refining and chemical industry for nearly 70 years, and has continuously created a number of breakthroughs in domestic and large-scale equipment. In 2021, the company adhered to the dual measures of “transformation and upgrading” and “improving quality and efficiency”, realizing the turnaround of performance. On the one hand, Lanzhou Ls Heavy Equipment Co.Ltd(603169) actively entered the new energy market, vigorously explored the new energy equipment market such as photovoltaic polysilicon, nuclear energy and hydrogen energy and the energy engineering service market, and obtained high-quality orders; On the other hand, the company promoted the implementation of the “amoeba” business model and established a reward mechanism for exceeding business objectives, which significantly improved the quality and efficiency of operation.

Under the background of “double carbon”, the adjustment of energy structure has driven the upgrading and transformation of energy equipment industry. There is a broad demand space for new energy equipment industries such as nuclear energy, photovoltaic and hydrogen energy, which will usher in historical development opportunities. Lanzhou Ls Heavy Equipment Co.Ltd(603169) seizing the historical opportunity, while strengthening and refining the traditional main business, it has also actively transformed to new energy equipment suppliers through independent research and development, mergers and acquisitions and other forms, and achieved a leading position and fruitful results in the new energy equipment industry.

In terms of nuclear energy, Lanzhou Ls Heavy Equipment Co.Ltd(603169) has completed the industrial pattern of “one body, two wings and three innovations” through the acquisition and holding of CNNC Jiahua, further integrated the resources of the equipment manufacturing industry, and obtained the supplier qualification of 37 nuclear power owner units such as CNNC and CGN, which is expected to seize the major construction opportunity of national nuclear energy development.

In terms of photovoltaic polysilicon, with the increasing demand for photovoltaic silicon materials and intensive production expansion of silicon material manufacturers, there is a broad market space for core equipment such as cold hydrogenation reactor and reduction furnace. The company has entered into the first strategic cooperation agreement with the five well-known polysilicon manufacturing enterprises in Asia, such as Jinjiang Group and Jingtai {603} for the development of polysilicon materials. It also hopes to quickly solve the above-mentioned strategic problems of polysilicon materials, which has been highly recognized by the five well-known polysilicon manufacturing enterprises in Hangzhou, It is expected to benefit from the rapid development of photovoltaic industry.

In terms of hydrogen energy, the development of the international hydrogen energy industry has been comprehensively accelerated, which has become the strategic direction of the transformation of the global future energy strategic structure, and will also bring new development opportunities to the pressure vessel industry. Lanzhou Ls Heavy Equipment Co.Ltd(603169) as a leading enterprise of high-end equipment, including pressure equipment, it has the first mover advantage to enter the hydrogen energy equipment industry. In 2021, the company carried out technical R & D and manufacturing around coal hydrogen production, residue pox gas and hydrogen production unit, large high-pressure hydrogen storage spherical tank and horizontal tank, and relevant equipment of hydrogenation station, and completed the design, manufacturing and installation of 200000 Nm3 / h coal hydrogen production unit of Panjin Haoye and hydrogen storage spherical tank of phase I project of Yulin Huaqin hydrogen energy industrial park, The microchannel heat exchanger (PCHE) of the hydrogenation station was developed and delivered to customers for trial use. The large forging and welding hydrogenation reactor with a single weight of 2000 tons produced by the company also broke the monopoly position of a few Chinese enterprises in the manufacturing field of large forging and welding pressure vessels with a weight of more than 1000 tons.

While Lanzhou Ls Heavy Equipment Co.Ltd(603169) made technological breakthroughs in various products, the company also strengthened market development. The company reshaped the marketing system, promoted the full integration of sales and design teams, and efficiently developed and maintained target customer groups. The company said that during the reporting period, the market development achieved remarkable results, 187 new customers were developed throughout the year, the orders of photovoltaic polysilicon equipment increased explosively, and the polysilicon equipment orders of many well-known customers reached 691 million yuan, a year-on-year increase of 277.60%; Orders in the military industry jumped from 640000 yuan in 2021 to 76.28 million yuan; Orders for various types of heat exchanger products, including heat exchangers in photovoltaic polysilicon, nuclear energy, hydrogen energy and other fields, reached 400 million yuan, a year-on-year increase of 25%; Orders for industrial intelligent equipment reached 360 million yuan, a year-on-year increase of 118%. Full orders are expected to drive the high growth of future performance.

It is worth mentioning that the company adheres to innovation driven, strengthens technical advantages and increases investment in scientific and technological research and development. In 2021, the company invested a total of 92.16 million yuan, an increase of 191.04% over the same period last year, organized and implemented 59 scientific and technological innovation projects, and continuously deepened the cooperation in the field of industry university research. The further strengthening of the scientific research and technology industry chain will consolidate the company’s competitive advantage and provide strong support for the company’s subsequent development.

For the future development direction, the announcement shows that the company’s business goal in 2022 is to achieve an operating revenue of 6 billion yuan, increase the proportion of new energy business revenue to 30%, achieve phased results in the transformation and upgrading of new energy, and further improve its profitability. The company will focus on the “14th five year plan” strategic plan and annual key tasks, fully promote the four major transformation and upgrading, focus on strengthening the five basic platforms, comprehensively deepen reform and innovation, consolidate the foundation of operation and development, further expand the business scale, improve profitability and internal value of the company, protect the interests of shareholders and promote the preservation and appreciation of state-owned assets, Start a new journey of high-quality development.

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